In the Village
Sleepy Hollow Village Trustees will hold a public hearing on April 29, where they are likely to approve a $13,084,670 municipal budget.
To sustain its spending plan, which is up $299,687 from last year, the Village needs to raise $8,875,000 in taxes.
This means that a resident would pay $29.95 per $1,000 of assessed valuation and a business would pay $51.17 per $1,000 of assessed valuation.
The formula for determining assessed valuation is a bit more complicated in Sleepy Hollow. There are multiple categories, including single family homes, condos, etc. Residents living in an average single family home assessed at $160,747 would pay $4,814.50 in Village taxes, $152.44 more than last year or a 3.27 percent increase. On average, an assessed home is 22.13 percent of the actual market value. Meanwhile, a business would pay 12.90 percent more than last year.
"We have been working hard to cut expenses," Mayor Philip Zegarelli said in a phone interview on April 11. Zegarelli said he understood the desire to cut expenses even more, but he said he wanted to make sure there would be enough reserves in the budget, especially given today’s economic outlook in the country.
He said the Village, like other governments, has taken bigger hits than the annual inflation of the consumer price index, which he said doesn’t account for real-world things like workers compensation. As with individuals, the municipality has been affected by similar economic circumstances.
"The Village buys gasoline and oil like everybody else," Zegarelli said.
In the Schools
The Sleepy Hollow/ Tarrytown Board of Education approved a $60,170,350 budget for the 2008-09 school year at its meeting on April 10. This number is up $4,585,700 or 8.25 percent from the previous year.
To sustain this spending plan, school officials need to raise $19,591,559 from Sleepy Hollow residents and $27,638,791 from Tarrytown residents. The disparity between the two Villages is based on the ratables in each community, and the formula is determined by the state.
A resident living in the average assessed home would pay $12,142.86 in school taxes, or $1,291.79 per $1,000 of assessed valuation, an increase of $383.25 in total or $40.77 per $1,000. This is a 3.26 percent increase. In total between the two Villages, the tax rate increase is at 6.3 percent.
Sleepy Hollow homeowners living in the average assessed single family home of $160,747 would pay $4,814.50 in Village taxes, $29.95 per $1,000 of assessed valuation. On average, an assessed home is 22.13 percent of the actual market value.
Meanwhile, homeowners living in the average assessed Mt. Pleasant home of $9,400 (the two assessments are calculated differently) would pay $12,142.86 in school taxes, or $1,291.79 per $1,000 of assessed valuation. On average, an assessed home using this formula is 1.3 percent of the market value.